With a 33.2% increase in resale home prices from last year, there is no doubt the real estate market is on a record setting blaze. The most interesting statistic we discovered when analyzing the numbers for March was the significant rise in townhouse prices and sales in the 905. We had about a 20% increase in the number of townhouse sales. But here's the kicker; a 38.5% increase in all townhome prices in the 905. That's almost a 40% increase across all municipalities in the GTA. Huge.
When you look at condos in the 905, you're also seeing some staggering numbers with condo prices up 32% to 33.2% in Toronto and 905 respectively.
The market as a whole is seeing huge gains, but it seems as if even the more affordable home types such as condos and towns are slowly itching toward the 7-figure line with Toronto townhomes averaging a price of $761,128. In the 905, the condo price is on the cusp of averaging a half a million. Get out of town. With the significant jump in the number of sales we had in March, perhaps that's what some people are doing.